Zenobē Obtains £235 Million to Construct Two Battery Storage Initiatives in Scotland
Zenobe has announced that the financing of its two 400MW/800MWh grid-scale, transmission connected battery storage projects in Scotland has been secured from the Canadian Imperial Bank of Commerce, Rabobank, Santander UK, Siemens Financial Services through Siemens Bank and NatWest. This is reportedly the largest project finance loan ever arranged for battery storage projects in Europe.
The deal also includes a £400 million expandable option that will be employed to leverage debt for augmentations at each installation, as well as for subsequent projects. With this, Zenobē will be able to magnify its total battery storage capacity in Scotland to surpass 1GW/2GWh by 2026.
Two schemes are being undertaken in the vicinity of Inverness at Blackhillock and near Glasgow at Kilmarnock South.
Set to launch in the summer of 2024, Blackhillock has a capacity of 200MW/400MWh and Kilmarnock South, launching shortly afterwards, will have a capacity of 200MW/400MWh. Both could be augmented by an additional 100MW/200MWh.
After applying to National Grid ESO's Stability Pathfinder process, Zenobē was granted the projects to enhance the long-term stability of the electricity system.
Zenobē has made another remarkable step forward with the procurement of a unique financing structure, thus facilitating the rapid adoption of renewable energy sources at an accessible price. This follows the successful conclusion of a private placement for debt-financing the existing and upcoming fleet operations in 2020, according to co-founder and director Nicholas Beatty.
Zenobē made an announcement recently that its 100MW/107MWh Capenhurst battery energy storage system located in Chester had commenced providing reactive power services to the power grid. The Capenhurst BESS is reportedly the biggest battery project directly linked to the transmission grid in the whole of Europe, according to Zenobē.
Solar Media, the publisher of Solar Power Portal, will be the host of the 8th annual Energy Storage Summit EU in London on 22-23 February 2023. The event is relocating to a larger venue and will bring in Europe's prominent investors, policymakers, developers, utilities, energy buyers and service providers. To learn more, go to the official website.
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